Stockhouse Canadian Small and Micro-cap Stock Report for Tuesday, May 31, 2011
TORONTO (SHfn) – WesternZagros Resources (TSX: V.WZR, Stock Forum) shares climbed 33% to 93 cents on Tuesday after the oil and gas producer/explorer said it has made an oil discovery in the Jeribe Formation at the Sarqala-1 exploration well in the Kurdistan Region of Iraq. The Jeribe Formation flowed light, 40 degrees API oil at a stabilized rate of 6,000 barrels per day over the 24 hours of the initial flow period. This rate was achieved through a 36/64 inch choke at a flowing well head pressure of 3,900 psi and without any stimulation. No water was produced during this flow.
As well, shares of Kimber Resources (TSX: T.KBR, Stock Forum) shot up as much as 18% to $1.93 as the junior miner reported results of two new drill holes from its ongoing drill program at the Carmen deposit at its Monterde Project in Mexico, which included 78.4 grams per tonne (g/t) gold and 127.9 g/t silver over 4.9 metres.
Kane Biotech (TSX: V.KNE, Stock Forum), meanwhile, announced that it has been awarded a contract by the United States Army Dental and Trauma Research Detachment to develop an antibiofilm-antimicrobial wound gel formulation comprising Kane Biotech's DispersinB antibiofilm enzyme and the U.S. Army's KSL-W antimicrobial peptide. Kane stock popped 31% to 17 cents.
Shares of Merc International Minerals (TSX: V.MRK, Stock Forum) jumped 13% to 30 cents after the junior explorer reported drill results from the first phase of its 2011 drilling program on its Indin Lake greenstone belt projects in the Northwest Territories, which included 14.43 g/t gold over 4.0 metres.
And, Great Bear Resources (TSX: V.GBR, Stock Forum) Tuesday reported the signing of an option agreement with Argus Metals (TSX: V.AML, Stock Forum) to earn up to a 75% interest in the IKE Selwyn Basin Gold Project in the Hyland District of the Yukon. Great Bear has an option to earn a 70% interest in the IKE project by paying to Argus $275,000 in cash payments, issuing a total of 700,000 shares, and incurring an aggregate of $2,050,000 of exploration expenditures on the property over a three-year period. A further 5% interest may be earned through completion of a prefeasibility study within two years of the initial earn-in. Great Bear shares powered 24% higher to 23 cents.
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